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please provide journal entries for the transactions in this question on stockholder's equity Use the following to answer questions 1 - 2: The following partial
please provide journal entries for the transactions in this question on stockholder's equity
Use the following to answer questions 1 - 2: The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders' equity 12/31/2018 12/31/2017 Common stock, $1 par, 100 million shares authorized; XX million shares issued and XX million shares outstanding at 12/31/2018; and 20 million shares issued and 16 million shares outstanding at 12/31/2017. $X million $20 million $X million 380 million 40 million $X million 117 million Additional paid-in capital on common stock Additional paid-in capital share repurchase Retained earnings Treasury common stock, at cost, X million shares at 12/31/2018 and 4 million (X million)50 min) $X million $507 million shares at 12/31/2017 Total shareholders' equity All Treasury Stock at December 31, 2017 had been purchased in 2017 in a single transaction. The Company sells stock out of Treasury using the FIFO method. Total liabilities, including the dividends payable were $1.1 billion and $1.4 billion at December 31 2107 and 2018, respectively During 2018, the following transactions occurred: Dividends payable of $15 million at December 31, 2017 were paid in January 2018. On March 15, 2018, the Company repurchased into Treasury 5 million shares at $15/share. On June 1, 2018, the Company repurchased 2 million shares for total consideration of $26 On July 31, 2018, the Company sold out of Treasury 1 million shares for proceeds of $20 On September 30, 2018, the Company sold out of Treasury 2 million shares for $12/share. million and retired the shares upon repurchase million. On November 15, 2018, the Company declared a 20% stock dividend to be distributed on November 30, 2018 to shareholders on record on November 20, 2018. The market price of the Company's Common Stock on the date of declaration was $22/share. The company declared a $2 per outstanding share cash dividend on December 1, 2018, to shareholders of record on December 15, 2018, payable January 1, 2019. . Net income for 2018 was $72 millionStep by Step Solution
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